Salem Media extends forbearance period to Sep 29, 2023; reduces cash disposition threshold

SALEM MEDIA GROUP, INC. /DE/

Forbearance period extended through September 29, 2023 under Eighth Amendment to Credit Agreement.
Cash/cash-equivalent requirement for permitted dispositions reduced from 100% to 75% during forbearance.
Designated Events of Default remain continuing; company acknowledges $20.2M in revolving loans outstanding.
Amendment includes release of claims by borrowers and reaffirmation of obligations without offset.
Changes effective August 30, 2023; lenders include Wells Fargo as administrative agent.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SALEM MEDIA GROUP, INC. /DE/ amended Amendment Number Eight to Credit Agreement and Amendment to Forbearance Agreement and Amendment Number Seven to Credit Agreement and Amendment Number One to Guaranty and Security Agreement with Wells Fargo Bank, National Association (effective 2023-08-30).

Action: amendment
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association
Effective: 2023-08-30

Exact text from the filing

Salem Media Group, Inc. (the “ Company ”) and certain subsidiaries of the Company party to the Credit Agreement and the Forbearance Agreement (each as defined below) (together with the Company, the “ Loan Parties ”) entered into an Amendment Number Eight to Credit Agreement and Amendment to Forbearance Agreement and Amendment Number Seven to Credit Agreement and Amendment Number One to Guaranty and Security Agreement, dated as of August 30, 2023 (the “ Amendment ”), with the lenders party thereto (the “ Lenders ”), and Wells Fargo Bank, National Association, as administrative agent (the “ Agent ”).

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SALEM MEDIA GROUP, INC. /DE/ filing history →

Source: SEC EDGAR

accession 0001193125-23-227628

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